FUTURE READY
Annual Report 2016-17 ENDURANCE TECHNOLOGIES LIMITED
Corporate Information ........................................................01
Group Structure .................................................................02
Future Ready ......................................................................03
At a Glance .......................................................................04
The Big Print.......................................................................07
Our Product Portfolio ..........................................................08
Key Milestones ...................................................................10
Our Report Card ................................................................12
Message from the Managing Director ..................................14
The Core Ideology ..............................................................17
Management Discussion and Analysis ................................. 30
Boards Report .................................................................. 48
Corporate Governance Report............................................ 90
REPORTS
Page
30-113
OVERVIEW
Page
01-29
Contents
Page
114-247
FINANCIALS
Standalone Financial Statements ....................................... 114
Consolidated Financial Statements .................................... 178
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Annual Report2016-17 ENDURANCE TECHNOLOGIES LIMITED
Corporate Information
Board of Directors Naresh Chandra ChairmanAnurang Jain Managing Director
Partho DattaSoumendra BasuRoberto TestoreRamesh GehaneySatrajit RayAnjali SethFalguni NayarMassimo Venuti
Audit CommitteePartho DattaSoumendra BasuAnjali Seth
Nomination And Remuneration CommitteeSoumendra BasuPartho DattaAnjali Seth
Corporate Social Responsibility CommitteeAnurang JainSoumendra BasuRamesh Gehaney
Stakeholders Relationship CommitteeAnjali SethAnurang JainSatrajit Ray
Subsidiary CompaniesEndurance Overseas Srl, ItalyEndurance Fondalmec SpA, ItalyEndurance FOA SpA, ItalyEndurance Engineering Srl, ItalyEndurance Amann GmbH, Germany
Management TeamRamesh Gehaney Director and Chief Operating Officer
Satrajit Ray Director and Group Chief Financial Officer
Makarand Deshpande Chief People Officer
Ravindra Kharul Chief Technology Officer
Sunil Kolhe Chief Sourcing Officer
Biswajit Choudhury President - Aftermarket and Exports
Company SecretarySunil Lalai Company Secretary and Vice President - Legal
AuditorsDeloitte Haskins & Sells LLP Chartered Accountants
Secretarial AuditorSachin Bhagwat Practicing Company Secretary
BankersCitibank N. A.Corporation BankICICI Bank Ltd.IDBI Bank Ltd.Standard Chartered Bank
Registrar and Transfer AgentLink Intime India Private Limited C 101, 247 Park, L.B.S Marg, Vikhroli West, Mumbai 400 083 Tel. No: +91 22 49186270 Fax: +91 22 49186060 E-mail id: [email protected]: www.linkintime.co.in
Registered OfficePlot no. K-228, MIDC Industrial Area, Waluj, Aurangabad - 431 136 CIN: L34102MH1999PLC123296 Email: [email protected] Email for investors: [email protected]
PlantsAurangabad (Maharashtra)Plot nos. B-2, E-92 & 93, K-120, K-226/1 & 227, K-226/2, K-228 &229, and L-6/3, MIDC Industrial Area,Waluj, Aurangabad - 431 136
Plot no. L-20, MIDC Industrial Area, Vitawa Village, Gangapur, Tal. Aurangabad - 431 109
Pune (Maharashtra)Plot nos. B-1/2 & 1/3, B-20, B-22 and A-12, MIDC Industrial Area, Chakan,Village Nighoje, Taluka Khed, Dist. Pune - 410 501
Gat no. 416, Village Takve, Budruk, Taluka Vadgaon Maval, Pune - 412 106
Manesar (Haryana)Plot no. 400, Sector 8, IMT, Manesar, Dist. Gurugram - 122 050
Pantnagar (Uttarakhand)Plot nos. 3 and 7, Sector 10, I.I.E. Pantnagar,Dist. U.S Nagar - 263 153
Chennai (Tamil Nadu) Plot no. F-82, SIPCOT Industrial Park, Irungattaukottai, Pennaur Post, Sriperumbudur Taluk, Kanchipuram Dist. Chennai - 602 105
Sanand (Gujarat) Plot nos. E4 and E21, GIDC, Phase 2, Industrial Estate, Sanand, Ahmedabad - 382 110
02
Group Structure
ENDURANCE TECHNOLOGIES LIMITED
Aluminium Die Casting & Machining | Suspension | Transmission | Braking Systems
Endurance Overseas Srl (Turin, Italy)
Special Purpose Vehicle
Endurance Fondalmec SpA(Turin, Italy)
Machining
Endurance Amann GmbH (Massenbachhausen, Germany)
High-pressure Die Casting and Machining
Endurance Engineering Srl(Turin, Italy)
Engineering Plastic PartsAluminium Die Casting and Machining
Endurance F.O.A. SpA(Turin, Italy)
OVERSEAS SUBSIDIARIES
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Annual Report2016-17 ENDURANCE TECHNOLOGIES LIMITED
FUTURE READY
Endurance Technologies is one of the leading automotive component manufacturers in India, with a truly diversified revenue base, both in terms of product lines and customer diversity. Were also part of an elite group within the industry that has consistently been delivering attractive returns on capital employed (ROCE). Our stable and long-term relationships with leading original equipment manufacturers (OEMs) have helped us garner an appreciable market share in the Indian two and three wheeler segments. We also have a growing business in Europe that is successfully catering to the high-value, more complex four-wheeler segment.
Furthermore, our uncompromising priority for having a prolific research and development programme ensures that we are in-sync with advanced technologies and deliver state-of-the-art products. Always at the cutting edge, aided by our strong R&D approach, we remain a preferred and dependable partner to our OEMs globally. We are regarded by our customers as a close partner in developing high performance products with shorter development lead time, keeping in mind the evolving regulatory requirements. Our ability to provide end-to-end solutions
from a continuously widening portfolio of innovative proprietary products, enables us to keep growing our wallet share with our OEM customers.
The steady increase in purchasing power and availability of low cost financing options have helped in driving the demand for two wheelers. Also an unabated appetite for scooters from students and women in general, bode well for the future demand for our products. Piloted by a strong management with unyielding financial discipline, we are working vigorously to continuously enhance our operational efficiencies and protect our bottom line as we scale our top line.
We believe the FUTURE is bright. We know we are
READY for it.
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FUTURE READY
At a Glance
Endurance Technologies is a multidisciplinary solution provider of advanced automotive components, including proprietary products, to leading OEMs across India and Europe.
Endurance Technologies Limited is one of Indias leading automotive component manufacturing company for its product portfolio.
The Company began manufacturing aluminium castings in Aurangabad, Maharashtra, India in 1985 under the aegis of Anurang Engineering Company Pvt. Ltd. (AECPL) the first company in the Endurance Group. In 2006,AECPL merged with Endurance Technologies. Over theyears, the corporate structure of the Group has undergonechanges. At present, it has only one company in India thatis Endurance Technologies Limited.
Over time, Endurance has grown organically in India, by deftly diversifying into two and three wheeler suspension, transmission and braking systems products, collectively called the Proprietary Business, and aftermarket. At the same time, the Company has successfully grown inorganically through various strategic acquisitions in Europe. Endurance, under its umbrella, has four subsidiaries in Italy - Endurance Overseas Srl, Endurance Fondalmec SpA, Endurance FOA SpA and Endurance Engineering Srl, and a subsidiary in Germany, Endurance Amann GmbH.
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Annual Report2016-17 ENDURANCE TECHNOLOGIES LIMITED
Manufacturing UnitsStarting with one plant having two aluminium casting machines in FY1986, the Endurance Group has grown to operate 18 plants in India, and 8 plants in Europe. These plants are strategically located in close proximity to their respective OEM customers in the auto hubs of India and Europe. Operating under strict standards, 15 of its plants in India are ISO/TS 16949:2009 certified. According to the Aluminium Casters Association of India, Endurance Technologies is the largest aluminium die casting manufacturer in India.
India
Europe
Product RangeEndurance is a complete solutions provider of diverse products to a large number of OEMs. The Company provides end-to-end services by engaging with its customers from conception to end-user delivery. Its development process includes: design, development, validation, testing, manufacturing and delivery. Endurance uses this process to develop a wide range of value added auto component products, leading to a more satisfied and diversified customer base. It is an innovation oriented company, with strong focus on research and development. This allows the Company to develop the latest products suited to evolving requirements of its customers.
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FUTURE READY
Top 2In each product segment fo
